ExxonMobil launches ExxonMobil Low Carbon Solutions; plans to invest $3 billion in carbon capture projects globally by 2025

February 03, 2021
Owning the Energy Transition
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Instead of making a net-zero pledge or shifting toward renewable energy like its European oil major counterparts, ExxonMobil is establishing a potentially new "upstream business" by deploying more than 20 CCS projects. Based on the new projects highlighted, the focus will be on pre-combustion CO2 capture, rather than post-combustion, though both remain key to decarbonization. The company will also focus on  storage but may be laying the foundation for becoming a CO2 provider in the future carbon economy, though widespread adoption of CO2 utilization technologies remains more than two decades away. We expect to see record investments in CO2 capture projects in 2021, and ExxonMobil's $3 billion will be the first of many announcements to come.

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